Instead of fighting in Las Vegas, the boxing capitol of the World, Manny Pacquiao will fight in China. Why? To keep more money in his pocket:
Yahoo! Sports: Manny Pacquiao Prefers to Fight Juan Manuel Marquez in China Because of High U.S. Taxes:Manny Pacquiao's chief adviser insisted Monday that the Filipino superstar's preference is for his next bout – a fifth fight against Juan Manuel Marquez – to take place away from Las Vegas, with the off-shore Chinese gambling resort of Macau emerging as the "favorite."
Michael Koncz told Yahoo! Sports that the 39.6 percent tax rate Pacquiao would face if he were to fight again in the U.S. makes a fall bout in Las Vegas "a no go."
Promoter Bob Arum is hopeful of arranging a fifth match between Pacquiao and Marquez in the fall, potentially on Sept. 14. Arum's preference is for the fight to be at the MGM Grand in Las Vegas, which is his company's home base.
But Arum and Koncz say Pacquiao is balking at the additional money he'd lose to the government if the fight were held in Las Vegas. Arum said Pacquiao would not have to pay taxes if the fight takes place in casinos in either Singapore or Macau.
"Manny can go back to Las Vegas and make $25 million, but how much of it will he end up with – $15 million?" Arum said. "If he goes to Macau, perhaps his purse will only be $20 million, but he will get to keep it all, so he will be better off."
So not only does the US lose money on lost tax revenue from Pacquiao's earnings, there will be fewer dollars spent on hotel rooms, airfare, gas, food, hookers, arena rental, television advertising, yada, yada, yada.
Way to go, Obama voters!
